Communication & Company: April 2010

Thursday, April 29, 2010

Euro consolidation - http://www.advent-uk.com

Euro consolidation

EURO CONSOLIDATION - Our United Europe seems to be having some headaches; basic differences of opinion on bailing out Greece, Greek Government bonds are now "junk" (such a nasty word), the Germans have come up with a legal reason why they cannot be in the bailout party, the Euro is on a see-saw, there is rain in Spain, the looming UK elections look like father, son (go for it Cameron!) and holy ghost (where on earth did Clegg come from?), AND we've all lost money & time due to the Volcanic Eruption. The Euro is supposed to be a reputable and sustainable world currency, the Eurozone caretakers should unite their team fast and all face in the same direction and consolidate!

http://www.advent-uk.com

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Battle on capitol hill

Battle on capitol hill

BATTLE ON CAPITOL HILL But the most riveting Battle of the Titians was undoubtedly the USA Senate Subcommittee (SSC) interrogation of Goldman Sachs (GS) on their business activities prior to the sub-prime mortgage crisis. No reality TV show could possibly have been more fascinating. The issue is the difference in objectives and responsibility for GS as a major market maker to the market, as a broker to their clients, and as an active principal to their shareholders (and themselves of course).

The SSC did not ask anyone at GS to explain in layman's language what a market maker is and how GS operates, so there were a lot of misunderstandings in the question and answer process. The SSC, led by their imposing President Carl Levin, was relentless on business morals and ethics, the public's ongoing anger at the financial entities role in the credit crisis, the perception of client trust and belief in products sold by GS, and the key point of conflict of interest in actively selling complex mortgage derivative products to clients when GS were hedging against these same products as principals on their own account. And those bonuses, so popular!

The GS team was clearly confused by some of the lines of interrogation and were badly prepared on detailed documents; these guys are not used to public interrogation, and had probably thought the questions would be on procedures, not on morals. The traders were uncomfortable and evasive, probably trained by legal beagles "when in doubt, deflect". The CFO David Viniar tried to explain the GS position on "going short" and the firm's reactive risk management decisions when the sub-prime market cascaded; not a happy bunny when questioned about internal emails saying deals/products were "shitty". The GS star in the shape of Lloyd Blankfein, CEO of GS, was also surprisingly uncomfortable under the SSC fire and the broadsides of the CSS on business morals and client trust left him floundering. GS broadly speaking didn't get it and needs to boot up quick on ethics!

BUT it should not be forgotten that the stability of the financial markets is absolutely essential. Regulatory reform to prevent a future financial crisis - yes. Assassination of GS and other financial institutions with all that this implies - no.

http://www.advent-uk.com

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News ADVENT UK representation in UKRAINE

News ADVENT UK representation in UKRAINE

We have been working with Ukrainian projects for some time, and we now have a representation office in Kiev; the new Government is in place and Ukraine is entering a new period of stability and growth. We're looking forward to working closer with our Ukrainian clients and their projects and acting as their European platform.

74G Saksaganskogo
01032 KIEV,
Ukraine
Tel +380443830086

http://www.advent-uk.com

Posted via web from ADVENT UK LIMITED COMPANY

ADVENT UK in ALGERIA

ADVENT UK in ALGERIA

We have 2 new colleagues to represent us in Algeria, and we believe there is great potential in this beautiful country. We are looking forward to our first visit next month to meet members of the business community, and are already studying several projects. Watch this space!

http://www.advent-uk.com

Posted via web from ADVENT UK LIMITED COMPANY

Wednesday, April 14, 2010

Moneycorp’s daily emails on exchange rates have some great comments – here is the latest!

Moneycorp’s daily emails on exchange rates have some great comments – here is the latest!

It's manifesto time in England and there is a nuclear theme:

The Labour effort shows a neo-Stalinesque nuclear family gazing across the fields at a nuclear explosion.

The Conservative effort, by contrast, has a plain blue cover reminiscent of the annual report of a subsidiary bank. It, too, has a nuclear explosion but it is much smaller and looks like a tree drawn by a three-year-old.

Welsh Plaid Cymru's 'European (now there's ambition for you) Manifesto' shows an English tourist looking expectantly across the hills for signs of a nuclear explosion.

The Liberal Democratic Party's manifesto examines both sides of the argument for nuclear explosions.

I find this highly amusing.

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